Our agents work primarily in Washtenaw County as well as some of the suburbs Northwest and West of Detroit which are in Wayne and Oakland Counties. The Ann Arbor market is greatly influenced by the University of Michigan, the three major hospitals, and the High Technology companies in the area.
On the far West side of our County closer to Jackson Michigan, the market is a bit soft, but in most of our coverage area there are more buyers than there are desirable properties.
Bottom line, this is still a seller’s market.
Real estate is a local business so I’ll offer some statistics from our local Ann Arbor Board of REALTORS:
304 single family properties were sold in May, a 17 percent increase over the 260 properties sold in May of last year. Condo sales were up 48 percent for May at 96 units sold, compared to 65 in May 2013.
The average list price was up 11 percent in May at $276,117, compared to $248,718 in May 2013. The May average sale price of $271,285 is a 10 percent increase over $246,305 in May of last year. Year-to-date, both list and sale prices are up 7 percent compared to this time last year.
Even with those eye-opening statistics it is very important for buyers to understand homes are not all priced the same. Some homes are a very good value at their list price, some are not. A loyal buyer’s agent will helpyou see the difference, by reviewing market data, inventory and absorptionrates, and property condition.
Overall, our clients have experienced success in this market by objectively reviewing as many properties as possible and focusing on the best overall match for their needs. We don’t want buyers to get emotionally attached to a home just because there is a lot of interest in it. When a buyer sees a large group of potential buyers at an open-house and realizes that only one buyer will be able to own it, it is easy to feel competitive or envious.
We’ve seen a big change this year as the banks have been selling their foreclosed homes. They have been willing to make repairs, both before the home goes on the market and sometimes after defects are discovered during a home inspection. The critical warning here for buyers is that often the quality of repairs made is poor. Always identify specifically what repairs need to be made and check those repairs when they are complete.
Broker/Manager, CEBA-Master, CBA, CBR, GRI, e-PRO
The Home Buyer’s Agent of Ann Arbor, Inc., Ann Arbor, MI